THIS POST IS BASED ON SHABIBI'S 2011 TAPED DISCUSSION ABOUT THE IRAQI ECONOMY, BANKING PRACTICES AND MONETARY REFORM CONDITIONS...
I HAVE ALSO PULLED IN SHAB'S RECENT PRESS STATEMENT, RELEASED TO THE IRAQI ECONOMIST'S WEBSITE- THE OFFICIAL SITE FOR THIS PRESS RELEASE -
PLEASE SEE HERE FOR THE ENTIRE ARTICLE
LINK
Time stamp is AZ time:
[11:10:58] Donnie: 20/06/2015 08:40 GMT Urgent.. Keywords: central bank intervention in the decisions that affect the work
[11:11:24] Donnie: Follow-up - and babysit - The governor of the Bank of the Central Bank of Iraq on the Keywords, the bank agreed with the Association of private banks to develop procedures to support the stability of the currency exchange rate.
~~~
I HAVE ALSO PULLED IN SHAB'S RECENT PRESS STATEMENT, RELEASED TO THE IRAQI ECONOMIST'S WEBSITE- THE OFFICIAL SITE FOR THIS PRESS RELEASE -
PLEASE SEE HERE FOR THE ENTIRE ARTICLE
LINK
Time stamp is AZ time:
[11:10:58] Donnie: 20/06/2015 08:40 GMT Urgent.. Keywords: central bank intervention in the decisions that affect the work
[11:11:24] Donnie: Follow-up - and babysit - The governor of the Bank of the Central Bank of Iraq on the Keywords, the bank agreed with the Association of private banks to develop procedures to support the stability of the currency exchange rate.
~~~
According Keywords in a joint press conference with the President of the Association of private banks and depositary Handal, that "change or raise the exchange rate means carrying citizen direct burden of this increase, what happened in the past few days is not normal,
pointing to attempts to involve the kind of speculation and other things "noting that" it is not reasonable to increase the exchange rate within one day 100 degrees and cannot be the only factors and the presence of non-natural causes leading to this increase. "
He continued, "As long as we are able to respond to the request, no matter how its size, we have no fears or concerns to influence the exchange rate."
[11:11:46] Donnie: http://ift.tt/1GznLE2
[11:12:05] Donnie: "As long as we are able to respond to the request, no matter how its size, we have no fears or concerns to influence the exchange rate."
[11:12:29] Donnie: BBL
[11:13:46] Donnie: 20/06/2015 08:46 GMT Urgent.. Bankers Association: the rate of inflation is almost non-existent in Iraq
[11:14:00] Donnie: Follow-up - and babysit - was considered Association of Iraqi banks, Saturday, that the inflation rate in Iraq is almost non-existent, indicating that the statements "unexplained" cause panic and fear in the market.
The head of the Association of the depositary of bitter melon in a joint press conference with the Governor of the Central Bank on the Keywords and I followed news agency public opinion (and babysit), said that "the rate of inflation in Iraq, amounting to 1.7%,"
noting that "this inflation is almost non-existent." He added that the "irresponsible remarks and unexplained cause panic and fear in the market," adding that "the lifting of the 8% which represents the income tax and customs added cash remittances means alleviating the burden on the citizen."
[11:14:09] Donnie: http://ift.tt/1Jb6gO2
[11:23:56] jarhead: ‹@Donnie› what’s the first article mean.............is it what I think it is???
[11:23:56] OOTW: THANKS DONNIE
[11:23:58] OOTW: READING NOW
[11:24:54] jarhead: so CBI doesn’t want to raise the rate???
[11:26:15] OOTW: HON I'M GOING TO WATCH THE SHABS VIDEO AGAIN
[11:26:22] OOTW: I WANT TO HEAR IT STRAIGHT FROM HIM
[11:29:36] OOTW: I HAVE TO SAY I DON'T TRUST A NYTHING COMING OUT OF KEYWORDS RIGHT NOW
[11:30:12] OOTW: EVEN THOUGH HE WAS SITTING ON THE CRISIS CELL COMMISSION, HE WAS IN A SUBORDINATE POSITION - SHOWING THAT THE GOI IS CONTROLLING THE CURRENCY ISSUES
[11:30:33] OOTW: KEYWORDS WORDS ARE ALL OVER THE PLACE - THE ARTICLES ARE CONTRADICTORY
[11:33:47] dwight j: I WISH WE COULD FIND OUT WHO WE NEED TO LISTEN TO
[11:33:57] Doug_W: ♥♥♥ SHAZAAAAAM ♥♥♥ © ™® Pat. pend.
[11:41:56] OOTW: WELL OBVIOUSLY SHABS IS STILL VESTED IN THE WORKINGS OF THE CBI OR WE WOULDN'T HAVE HAD THAT PRESS RELEASE FROM HIM VIA THE IRAQI ECONOMIST WEBSITE
[11:42:04] OOTW: THAT SITE IS CREDIBLE
[11:42:19] OOTW: IT MADE ITS WAY FROM THAT SITE, ALL OVER THE IRAQI WEB
[11:42:25] OOTW: BUT THAT'S THE ISSUING SOURCE FOR HIS WORDS
[11:42:32] OOTW: I'M LISTENING NOW
[11:53:27] OOTW: EVERYONE I WANT YOU TO LISTEN CAREFULLY TO THIS VIDEO
[11:53:30] OOTW: http://www.youtube.com/watch
[11:53:41] OOTW: PAY SPECIAL ATTENTION TO MINUTES TWO AND FIVE
[11:54:15] OOTW: RUN A COMPARISON OF WHAT SHABS GIVES AS NEEDED CONDITIONS TO REMOVE THE ZEROES VS WHEN HE SAYS THEY ADDED THE ZEROES DURING THE 80'S/SADDAM ERA
[11:54:36] OOTW: BEFORE I GIVE MY OPINION OF WHAT HE'S SAYING I WANT TO HEAR WHAT YOU THINK HE'S SAYING
[11:54:42] OOTW: TY
[11:55:33] OOTW: YOU NEED TO REALLY ANALYZE THE SUBTEXT OF WHAT HE'S SAYING IN HIS COMPARISONS BETWEEN THE SADAM ERA AND WHEN HE GAVE THE TALK ADDRESSING THE CONDITIONS NEEDED TO DELETE THE ZEROES
[11:59:28] OOTW: IS ANYONE IN THE ROOM?
[11:59:32] OOTW: LOL
[12:01:11] Doug_W: shhh were ALL sleeping
[12:01:58] Doug_W: it won't play on my computer OO
[12:02:59] dwight j: YES BUT THAT WAS 2011 HOW MUCH HAS CHANGED AND WAS THE CHANGE GOOD OR BAD
[12:04:19] OOTW: THATS TRUE BUT REQUIRED ECONOMIC DETERMINANTS ARE STILL APPLICABLE
[12:04:41] OOTW: DOUG YOU CAN'T PLAY YOUTUBE VIDEOS?
[12:04:59] OOTW: https://www.youtube.com/watch?v=6jy0T9HVYFA
[12:05:05] OOTW: TRY THAT
[12:05:14] Doug_W: yes usually
[12:05:32] Doug_W: GOT it thanks
[12:05:40] OOTW: SURE
[12:10:27] vtech: Aren't bonds going to be issued in U.S. DOLLARS, NOT Dinars?! I wonder WHY?!
[12:10:30] DT N AZ: Yes this was 4 yrs ago and at that point they had no idea what was developing for their future with Maliki and ISIS.
Yes inflation is way down compared to the 80's but there are a lot of other determining factors that now come in to play with their future plans of the currency. Is now the time for them to make a change on the 3 zeros? I have no idea, I am not an economist, wish I was.
[12:12:05] DT N AZ: and unfortunately they are limiting the information to the public and I'm sure that is for the safety of their economy
[12:12:14] OOTW: THE BASICS OF ECONOMIC REQUIREMENTS STILL APPLY
[12:12:26] OOTW: YES AGREED DT N AZ
[12:12:28] DT N AZ: yes hey do, largely
[12:12:36] DT N AZ: they*
[12:12:51] OOTW: YESTERDAY KEYWORDS CAME OUT AND SAID THAT DA'ASH AND/OR SECURITY ISSUES WOULD SOON BE UNDER CONTROL
[12:13:00] OOTW: AND HE ALSO SAID THAT INFLATION IS AT 1.7%
[12:13:09] DT N AZ: right, very low
[12:13:36] OOTW: SHABS IS STATING IN THIS VIDEO THAT WHEN THEY INTRODUCED THE THREE ZEROES, IN THE 80'S, UNDER SADAAM (WAR WITH IRAN) THAT INFLATION WAS VERY HIGH
[12:13:49] DT N AZ: It sounds to me like they would like to remove the zeros and get back to a more manageable state of their economy
[12:13:59] DT N AZ: correct
[12:14:24] DT N AZ: is 1.7% low enough to make the change back? Big question
[12:14:35] DT N AZ: many factors to take into consideration
[12:15:02] OOTW: YES, I FIND IT VERY INTERESTING THAT SHABS IS MAKING PUBLIC COMMENTS ON HOW THE CBI NEEDS TO RETAIN AUTONOMY, AND THAT KEYWORDS IS SAYING INFLATION IS LOW AND IS STATING THAT RESERVES CAN SUPPORT DOUBLE THE VALUE OF THE DINAR - VS WHAT SHABS STATES IS NEEDED TO DELETE THE ZEROES AND THAT IS LOW INFLATION
[12:15:22] OOTW: YES AND NOW LET’S ADD PRIVATE SECTOR DEVELOPMENT WHICH IS UNDERWAY
[12:15:46] OOTW: I REALLY WANT TO SEE THESE BOND OFFERINGS LAUNCHED
[12:16:07] OOTW: STILL NO WORD OF THESE AT THE MOF OF CBI SITE - NOTHING OFFICIAL THAT I CAN SEE TODAY
[12:17:00] DT N AZ: to be issued in Dinar?
[12:17:04] DT N AZ: or USD
[12:17:21] DT N AZ: or international
[12:17:24] OOTW: BRB WITH LINK - THERE IS NO CLEAR INFORMATION ON THIS I'LL SHOW YOU
[12:17:55] OOTW: wealthwatch.world/showthr...
[12:19:13] OOTW: HERES THE ARTICLE
[12:19:17] OOTW: Relationship: no fear of the high dollar and put local bonds worth 5 billion dollars 20/06/2015 01:51 | Hits: 151 font size: Decrease font Enlarge font Relationship: no fear of the high dollar and put local bonds worth 5 billion dollars Direction press Iraqi Central Bank Governor stressed the agency relationship between the lack of fear of the rising exchange rate of the dollar against the Iraqi dinar "revealing" ask local bonds worth $ 5 billion to provide cash to the State. " Allaq said at a press conference in Baghdad that "the Central Bank has a foreign currency is weakening local currency on the market, and what has happened in the past few days suggests that these attempts involve the kind of speculative profits may also involve other goals I don't want to enter into details because this is certainly within the abnormal indicators but are these attempts stand Central Bank policy of course both are emergency."
[12:19:24] OOTW: BREAK
[12:20:14] OOTW: The "local currency draws strength from a foreign currency reserve and how can that covers local, we can respond to the request of the dollar however its size and concerns on the impact of the exchange rate," the Central Bank's financial reserve is variable number today amounts to $ 68 billion and limits the size of the money supply to 40 trillion dinars ".
"The relationship between the topic of Central Bank independence is very important in preserving political and decisions of the bank fee and I can't say that there is direct pressure remains the Bank's independence most respected actors but some pressure and statements that affect the work of the World Bank and from the House that do not take the right way creates an atmosphere of fear in the banking sector is very sensitive in his dealings," adding that "some interventions may be intentional directly."
[12:20:50] OOTW: BREAK
[12:21:42] DT N AZ: looking at this makes me think they are issuing in USD to support the value increase of the local currency
[12:21:42] OOTW: "Certainly the high dollar this way and within hours suggesting certain movement inside the market but can't charge directly to any bank or maybe hardware security in economic crime is closest to it," adding that "increased demand for dollars is due to the large volume of imports and capital flight and even the private sector became invested in other countries."
The Governor of the Central Bank noted that "the exchange rate may be affected by increased consumer spending and Government pumped the bulk of the balance in the market so not eating the Central Bank put pressure on the dollar, there is constant consultation between the monetary and fiscal policy with a high degree of coordination, but almost daily between the Bank and the Finance Ministry in consultation with the way avoid lax or spending a knee-friend and thus affect the exchange rate."
"The rise and fall of the exchange rate is a global phenomenon, but not a Central Bank that tracks security there was political or other agendas behind this price volatility is important we pull factors that exploit such conditions and are able to control these phenomena".
[12:22:15] whitelions: Mike said all bonds are issued in USD
[12:22:22] OOTW: PERHAPS, THERE'S NO CERTAINTY IN THE LANGUAGE..THIS IS A BING TRANSLATION
[12:22:25] OOTW: YES HE DID
[12:22:31] OOTW: THIS ARTICLE SAYS "WORTH" - SO THERE'S NOT OBVIOUS SPECIFICITY AS TO WHETHER THEY'LL BE ISSUED IN DINARS OR DOLLARS - I'D LIKE ANOTHER ARTICLE TO COMPARE
[12:22:40] OOTW: SO THAT IS THE WORD OF CONTENTION, "WORTH"
[12:23:02] DT N AZ: correct
[12:23:09] OOTW: He could not be held accountable Central Bank due to imbalances in invoices or receivables these are not his but the responsibility of government agencies such as the Ministry of trade and finance, which it is important to develop a curriculum to be importing ones for the Central Bank to political consideration,
"adding that" central banks in all countries of the world latakhez other roles to actors responsible for such operations. " He noted the relationship to "the dollar today is 1,250 dinars for one dollar (125,000 dinars per cent) and expect that the new operations to sell the currency without 8% as taxes and fees would lead to lower him and are sure of that."
"We sell at auction the Bank daily amount of USD 75 million dollars identified in budget law the fact that our objection to the amount of sale, cash political essence is to use these if you are robbed of the Bank's flexibility,"
adding that "such sales in the auction Bank vary according to supply and demand but more than select the budget," he said, adding "we have no intention of changing the exchange rate at auction".
[12:23:13] DT N AZ: leaves it open to use either
[12:23:25] OOTW: YES TY DT
[12:24:18] OOTW: CLEAR STATEMENT FROM KEYWORDS THAT HE WANTS THE GOI OUT OF THE CBI'S WORKINGS
[12:25:17] DT N AZ: CBI always says that because GOI seems to think they control it
[12:25:31] OOTW: YEAH
[12:25:35] OOTW: And the Governor of the Central Bank said that "inflation the Central Bank might intervene to try to withdraw liquidity from the market," adding that "the rate of inflation in Iraq today marks a record decline of 1.7% is currently this does not call for the Bank to intervene to change the exchange rate being a record of the existing international standards as regards inflation."
He called the relationship "no anxiety or apprehension of the indicators for the oil sector and production and have direct contact with the Ministry of oil being represents an important indicator,
which comes from the Central Bank of Iraq is the oil and say we have no problem with the flow of dollars to the Central Bank and there is an improvement in the level of production and export prices for crude oil and carry a great deal of optimism the liquidity indicators to restore much of the occupied areas from daash".
[12:25:47] OOTW: BECAUSE THE CBI IS THE "HOLDER" OF MONIES FOR THE GOI
[12:25:52] OOTW: LOL
[12:26:05] OOTW: "This is an opportunity for all of us in Iraq stand a shock that got us to thinking about why national demand for the dollar in this volume analyze and reaffirm today with the meeting of the Association of banks that there is understanding and agreement to translate and read phenomena properly and setting directions for the understanding and action necessary to price stability and thus to avoid future shocks."
[12:26:08] OOTW: THE END
[12:26:19] DT N AZ: in a way they can control it by replacing the gov of CBI with who they want
[12:26:29] DT N AZ: they have that power
[12:27:12] OOTW: YES THEY DO- TY DT N AZ I LOVE HAVING YOU WITH US
[12:27:15] OOTW: we have no problem with the flow of dollars to the Central Bank and there is an improvement in the level of production and export prices for crude oil and carry a great deal of optimism the liquidity indicators to restore much of the occupied areas from daash".
[12:28:02] OOTW: IN SHABS' YOUTUBE VIDEO INTERVIEW HE STATES THAT AT THAT TIME, 2011, IRAQ HAD THEIR SECURITY ISSUES (AND AT THAT TIME HE WAS REFERRING TO SYRIA) UNDER CONTROL
[12:28:23] DT N AZ: correct
[12:28:27] OOTW: HE COMPARED THAT TIME PERIOD (2011) TO THE SADAAM ERA WHEN THEY ADDED THE ZEROES
[12:28:53] DT N AZ: correct
[12:29:55] OOTW: I HAVE TO WONDER, BASED ON HIS WORDS, FROM 2011 AND HIS RECENT ARTICLE/PRESS RELEASE VIA THE IRAQI ECONOMIST'S SITE, IF HE'S NOW COMING IN TO SUPPORT THE CBI FROM THE GOVT BECAUSE HE'S ADVISING KEYWORDS OR THE GOVERNMENT?
HIS ADDRESS IS GENERAL - SO I WANT TO BRING IN SHABS' PRESS RELEASE ON THIS ISSUE, SO WE MAY STUDY..
[12:30:45] DT N AZ: I need to see that one again
[12:30:58] OOTW: YES, HE SAYS THE CBI MUST BE LEFT TO ACCOMPLISH ITS WORK, BUT IS THAT A RESTATEMENT TO THE GOI THAT HE'S THERE TO SUPPORT THEM, BUT THE CBI MUST REMAIN AUTONOMOUS?
OR IS IT SHABS SAYING LET KEYWORDS ALONE?, OR IS HE SAYING GET SOMEONE IN TO MANAGE THE CBI PROPERLY AND LET THEM ALONE TO DO THEIR JOB?
[12:31:05] OOTW: YES BRB
[12:31:59] DT N AZ: when I saw the most recent one I took it as he wanted someone else in there to manage it, someone new
[12:32:04] OOTW: I'M GOING STRAIGHT TO THE IRAQI ECONOMIST SITE BRB
[12:32:18] OOTW: YES ME TOO BUT I WANT US TO HAVE MORE CLARITY IF POSSIBLE
pointing to attempts to involve the kind of speculation and other things "noting that" it is not reasonable to increase the exchange rate within one day 100 degrees and cannot be the only factors and the presence of non-natural causes leading to this increase. "
He continued, "As long as we are able to respond to the request, no matter how its size, we have no fears or concerns to influence the exchange rate."
[11:11:46] Donnie: http://ift.tt/1GznLE2
[11:12:05] Donnie: "As long as we are able to respond to the request, no matter how its size, we have no fears or concerns to influence the exchange rate."
[11:12:29] Donnie: BBL
[11:13:46] Donnie: 20/06/2015 08:46 GMT Urgent.. Bankers Association: the rate of inflation is almost non-existent in Iraq
[11:14:00] Donnie: Follow-up - and babysit - was considered Association of Iraqi banks, Saturday, that the inflation rate in Iraq is almost non-existent, indicating that the statements "unexplained" cause panic and fear in the market.
The head of the Association of the depositary of bitter melon in a joint press conference with the Governor of the Central Bank on the Keywords and I followed news agency public opinion (and babysit), said that "the rate of inflation in Iraq, amounting to 1.7%,"
noting that "this inflation is almost non-existent." He added that the "irresponsible remarks and unexplained cause panic and fear in the market," adding that "the lifting of the 8% which represents the income tax and customs added cash remittances means alleviating the burden on the citizen."
[11:14:09] Donnie: http://ift.tt/1Jb6gO2
[11:23:56] jarhead: ‹@Donnie› what’s the first article mean.............is it what I think it is???
[11:23:56] OOTW: THANKS DONNIE
[11:23:58] OOTW: READING NOW
[11:24:54] jarhead: so CBI doesn’t want to raise the rate???
[11:26:15] OOTW: HON I'M GOING TO WATCH THE SHABS VIDEO AGAIN
[11:26:22] OOTW: I WANT TO HEAR IT STRAIGHT FROM HIM
[11:29:36] OOTW: I HAVE TO SAY I DON'T TRUST A NYTHING COMING OUT OF KEYWORDS RIGHT NOW
[11:30:12] OOTW: EVEN THOUGH HE WAS SITTING ON THE CRISIS CELL COMMISSION, HE WAS IN A SUBORDINATE POSITION - SHOWING THAT THE GOI IS CONTROLLING THE CURRENCY ISSUES
[11:30:33] OOTW: KEYWORDS WORDS ARE ALL OVER THE PLACE - THE ARTICLES ARE CONTRADICTORY
[11:33:47] dwight j: I WISH WE COULD FIND OUT WHO WE NEED TO LISTEN TO
[11:33:57] Doug_W: ♥♥♥ SHAZAAAAAM ♥♥♥ © ™® Pat. pend.
[11:41:56] OOTW: WELL OBVIOUSLY SHABS IS STILL VESTED IN THE WORKINGS OF THE CBI OR WE WOULDN'T HAVE HAD THAT PRESS RELEASE FROM HIM VIA THE IRAQI ECONOMIST WEBSITE
[11:42:04] OOTW: THAT SITE IS CREDIBLE
[11:42:19] OOTW: IT MADE ITS WAY FROM THAT SITE, ALL OVER THE IRAQI WEB
[11:42:25] OOTW: BUT THAT'S THE ISSUING SOURCE FOR HIS WORDS
[11:42:32] OOTW: I'M LISTENING NOW
[11:53:27] OOTW: EVERYONE I WANT YOU TO LISTEN CAREFULLY TO THIS VIDEO
[11:53:30] OOTW: http://www.youtube.com/watch
[11:53:41] OOTW: PAY SPECIAL ATTENTION TO MINUTES TWO AND FIVE
[11:54:15] OOTW: RUN A COMPARISON OF WHAT SHABS GIVES AS NEEDED CONDITIONS TO REMOVE THE ZEROES VS WHEN HE SAYS THEY ADDED THE ZEROES DURING THE 80'S/SADDAM ERA
[11:54:36] OOTW: BEFORE I GIVE MY OPINION OF WHAT HE'S SAYING I WANT TO HEAR WHAT YOU THINK HE'S SAYING
[11:54:42] OOTW: TY
[11:55:33] OOTW: YOU NEED TO REALLY ANALYZE THE SUBTEXT OF WHAT HE'S SAYING IN HIS COMPARISONS BETWEEN THE SADAM ERA AND WHEN HE GAVE THE TALK ADDRESSING THE CONDITIONS NEEDED TO DELETE THE ZEROES
[11:59:28] OOTW: IS ANYONE IN THE ROOM?
[11:59:32] OOTW: LOL
[12:01:11] Doug_W: shhh were ALL sleeping
[12:01:58] Doug_W: it won't play on my computer OO
[12:02:59] dwight j: YES BUT THAT WAS 2011 HOW MUCH HAS CHANGED AND WAS THE CHANGE GOOD OR BAD
[12:04:19] OOTW: THATS TRUE BUT REQUIRED ECONOMIC DETERMINANTS ARE STILL APPLICABLE
[12:04:41] OOTW: DOUG YOU CAN'T PLAY YOUTUBE VIDEOS?
[12:04:59] OOTW: https://www.youtube.com/watch?v=6jy0T9HVYFA
[12:05:05] OOTW: TRY THAT
[12:05:14] Doug_W: yes usually
[12:05:32] Doug_W: GOT it thanks
[12:05:40] OOTW: SURE
[12:10:27] vtech: Aren't bonds going to be issued in U.S. DOLLARS, NOT Dinars?! I wonder WHY?!
[12:10:30] DT N AZ: Yes this was 4 yrs ago and at that point they had no idea what was developing for their future with Maliki and ISIS.
Yes inflation is way down compared to the 80's but there are a lot of other determining factors that now come in to play with their future plans of the currency. Is now the time for them to make a change on the 3 zeros? I have no idea, I am not an economist, wish I was.
[12:12:05] DT N AZ: and unfortunately they are limiting the information to the public and I'm sure that is for the safety of their economy
[12:12:14] OOTW: THE BASICS OF ECONOMIC REQUIREMENTS STILL APPLY
[12:12:26] OOTW: YES AGREED DT N AZ
[12:12:28] DT N AZ: yes hey do, largely
[12:12:36] DT N AZ: they*
[12:12:51] OOTW: YESTERDAY KEYWORDS CAME OUT AND SAID THAT DA'ASH AND/OR SECURITY ISSUES WOULD SOON BE UNDER CONTROL
[12:13:00] OOTW: AND HE ALSO SAID THAT INFLATION IS AT 1.7%
[12:13:09] DT N AZ: right, very low
[12:13:36] OOTW: SHABS IS STATING IN THIS VIDEO THAT WHEN THEY INTRODUCED THE THREE ZEROES, IN THE 80'S, UNDER SADAAM (WAR WITH IRAN) THAT INFLATION WAS VERY HIGH
[12:13:49] DT N AZ: It sounds to me like they would like to remove the zeros and get back to a more manageable state of their economy
[12:13:59] DT N AZ: correct
[12:14:24] DT N AZ: is 1.7% low enough to make the change back? Big question
[12:14:35] DT N AZ: many factors to take into consideration
[12:15:02] OOTW: YES, I FIND IT VERY INTERESTING THAT SHABS IS MAKING PUBLIC COMMENTS ON HOW THE CBI NEEDS TO RETAIN AUTONOMY, AND THAT KEYWORDS IS SAYING INFLATION IS LOW AND IS STATING THAT RESERVES CAN SUPPORT DOUBLE THE VALUE OF THE DINAR - VS WHAT SHABS STATES IS NEEDED TO DELETE THE ZEROES AND THAT IS LOW INFLATION
[12:15:22] OOTW: YES AND NOW LET’S ADD PRIVATE SECTOR DEVELOPMENT WHICH IS UNDERWAY
[12:15:46] OOTW: I REALLY WANT TO SEE THESE BOND OFFERINGS LAUNCHED
[12:16:07] OOTW: STILL NO WORD OF THESE AT THE MOF OF CBI SITE - NOTHING OFFICIAL THAT I CAN SEE TODAY
[12:17:00] DT N AZ: to be issued in Dinar?
[12:17:04] DT N AZ: or USD
[12:17:21] DT N AZ: or international
[12:17:24] OOTW: BRB WITH LINK - THERE IS NO CLEAR INFORMATION ON THIS I'LL SHOW YOU
[12:17:55] OOTW: wealthwatch.world/showthr...
[12:19:13] OOTW: HERES THE ARTICLE
[12:19:17] OOTW: Relationship: no fear of the high dollar and put local bonds worth 5 billion dollars 20/06/2015 01:51 | Hits: 151 font size: Decrease font Enlarge font Relationship: no fear of the high dollar and put local bonds worth 5 billion dollars Direction press Iraqi Central Bank Governor stressed the agency relationship between the lack of fear of the rising exchange rate of the dollar against the Iraqi dinar "revealing" ask local bonds worth $ 5 billion to provide cash to the State. " Allaq said at a press conference in Baghdad that "the Central Bank has a foreign currency is weakening local currency on the market, and what has happened in the past few days suggests that these attempts involve the kind of speculative profits may also involve other goals I don't want to enter into details because this is certainly within the abnormal indicators but are these attempts stand Central Bank policy of course both are emergency."
[12:19:24] OOTW: BREAK
[12:20:14] OOTW: The "local currency draws strength from a foreign currency reserve and how can that covers local, we can respond to the request of the dollar however its size and concerns on the impact of the exchange rate," the Central Bank's financial reserve is variable number today amounts to $ 68 billion and limits the size of the money supply to 40 trillion dinars ".
"The relationship between the topic of Central Bank independence is very important in preserving political and decisions of the bank fee and I can't say that there is direct pressure remains the Bank's independence most respected actors but some pressure and statements that affect the work of the World Bank and from the House that do not take the right way creates an atmosphere of fear in the banking sector is very sensitive in his dealings," adding that "some interventions may be intentional directly."
[12:20:50] OOTW: BREAK
[12:21:42] DT N AZ: looking at this makes me think they are issuing in USD to support the value increase of the local currency
[12:21:42] OOTW: "Certainly the high dollar this way and within hours suggesting certain movement inside the market but can't charge directly to any bank or maybe hardware security in economic crime is closest to it," adding that "increased demand for dollars is due to the large volume of imports and capital flight and even the private sector became invested in other countries."
The Governor of the Central Bank noted that "the exchange rate may be affected by increased consumer spending and Government pumped the bulk of the balance in the market so not eating the Central Bank put pressure on the dollar, there is constant consultation between the monetary and fiscal policy with a high degree of coordination, but almost daily between the Bank and the Finance Ministry in consultation with the way avoid lax or spending a knee-friend and thus affect the exchange rate."
"The rise and fall of the exchange rate is a global phenomenon, but not a Central Bank that tracks security there was political or other agendas behind this price volatility is important we pull factors that exploit such conditions and are able to control these phenomena".
[12:22:15] whitelions: Mike said all bonds are issued in USD
[12:22:22] OOTW: PERHAPS, THERE'S NO CERTAINTY IN THE LANGUAGE..THIS IS A BING TRANSLATION
[12:22:25] OOTW: YES HE DID
[12:22:31] OOTW: THIS ARTICLE SAYS "WORTH" - SO THERE'S NOT OBVIOUS SPECIFICITY AS TO WHETHER THEY'LL BE ISSUED IN DINARS OR DOLLARS - I'D LIKE ANOTHER ARTICLE TO COMPARE
[12:22:40] OOTW: SO THAT IS THE WORD OF CONTENTION, "WORTH"
[12:23:02] DT N AZ: correct
[12:23:09] OOTW: He could not be held accountable Central Bank due to imbalances in invoices or receivables these are not his but the responsibility of government agencies such as the Ministry of trade and finance, which it is important to develop a curriculum to be importing ones for the Central Bank to political consideration,
"adding that" central banks in all countries of the world latakhez other roles to actors responsible for such operations. " He noted the relationship to "the dollar today is 1,250 dinars for one dollar (125,000 dinars per cent) and expect that the new operations to sell the currency without 8% as taxes and fees would lead to lower him and are sure of that."
"We sell at auction the Bank daily amount of USD 75 million dollars identified in budget law the fact that our objection to the amount of sale, cash political essence is to use these if you are robbed of the Bank's flexibility,"
adding that "such sales in the auction Bank vary according to supply and demand but more than select the budget," he said, adding "we have no intention of changing the exchange rate at auction".
[12:23:13] DT N AZ: leaves it open to use either
[12:23:25] OOTW: YES TY DT
[12:24:18] OOTW: CLEAR STATEMENT FROM KEYWORDS THAT HE WANTS THE GOI OUT OF THE CBI'S WORKINGS
[12:25:17] DT N AZ: CBI always says that because GOI seems to think they control it
[12:25:31] OOTW: YEAH
[12:25:35] OOTW: And the Governor of the Central Bank said that "inflation the Central Bank might intervene to try to withdraw liquidity from the market," adding that "the rate of inflation in Iraq today marks a record decline of 1.7% is currently this does not call for the Bank to intervene to change the exchange rate being a record of the existing international standards as regards inflation."
He called the relationship "no anxiety or apprehension of the indicators for the oil sector and production and have direct contact with the Ministry of oil being represents an important indicator,
which comes from the Central Bank of Iraq is the oil and say we have no problem with the flow of dollars to the Central Bank and there is an improvement in the level of production and export prices for crude oil and carry a great deal of optimism the liquidity indicators to restore much of the occupied areas from daash".
[12:25:47] OOTW: BECAUSE THE CBI IS THE "HOLDER" OF MONIES FOR THE GOI
[12:25:52] OOTW: LOL
[12:26:05] OOTW: "This is an opportunity for all of us in Iraq stand a shock that got us to thinking about why national demand for the dollar in this volume analyze and reaffirm today with the meeting of the Association of banks that there is understanding and agreement to translate and read phenomena properly and setting directions for the understanding and action necessary to price stability and thus to avoid future shocks."
[12:26:08] OOTW: THE END
[12:26:19] DT N AZ: in a way they can control it by replacing the gov of CBI with who they want
[12:26:29] DT N AZ: they have that power
[12:27:12] OOTW: YES THEY DO- TY DT N AZ I LOVE HAVING YOU WITH US
[12:27:15] OOTW: we have no problem with the flow of dollars to the Central Bank and there is an improvement in the level of production and export prices for crude oil and carry a great deal of optimism the liquidity indicators to restore much of the occupied areas from daash".
[12:28:02] OOTW: IN SHABS' YOUTUBE VIDEO INTERVIEW HE STATES THAT AT THAT TIME, 2011, IRAQ HAD THEIR SECURITY ISSUES (AND AT THAT TIME HE WAS REFERRING TO SYRIA) UNDER CONTROL
[12:28:23] DT N AZ: correct
[12:28:27] OOTW: HE COMPARED THAT TIME PERIOD (2011) TO THE SADAAM ERA WHEN THEY ADDED THE ZEROES
[12:28:53] DT N AZ: correct
[12:29:55] OOTW: I HAVE TO WONDER, BASED ON HIS WORDS, FROM 2011 AND HIS RECENT ARTICLE/PRESS RELEASE VIA THE IRAQI ECONOMIST'S SITE, IF HE'S NOW COMING IN TO SUPPORT THE CBI FROM THE GOVT BECAUSE HE'S ADVISING KEYWORDS OR THE GOVERNMENT?
HIS ADDRESS IS GENERAL - SO I WANT TO BRING IN SHABS' PRESS RELEASE ON THIS ISSUE, SO WE MAY STUDY..
[12:30:45] DT N AZ: I need to see that one again
[12:30:58] OOTW: YES, HE SAYS THE CBI MUST BE LEFT TO ACCOMPLISH ITS WORK, BUT IS THAT A RESTATEMENT TO THE GOI THAT HE'S THERE TO SUPPORT THEM, BUT THE CBI MUST REMAIN AUTONOMOUS?
OR IS IT SHABS SAYING LET KEYWORDS ALONE?, OR IS HE SAYING GET SOMEONE IN TO MANAGE THE CBI PROPERLY AND LET THEM ALONE TO DO THEIR JOB?
[12:31:05] OOTW: YES BRB
[12:31:59] DT N AZ: when I saw the most recent one I took it as he wanted someone else in there to manage it, someone new
[12:32:04] OOTW: I'M GOING STRAIGHT TO THE IRAQI ECONOMIST SITE BRB
[12:32:18] OOTW: YES ME TOO BUT I WANT US TO HAVE MORE CLARITY IF POSSIBLE
[12:32:20] Abraham: The PM needs to make the decision quickly to replace the Governor of the CB and deal with Malaki failing which the will find themselves in a position to borrow more and then they will lose control because of terms in loan agreements as the IMF has some rigid and controlling stipulations. Look at Jamaica at one time their $ was worth more than the U.S. $ today it is peanuts
[12:32:58] Abraham: Look also at Guyana
[12:33:21] OOTW: YES ABRAHAM, AGREED
[12:34:10] Abraham: I know from my experience in International Business
[12:34:47] whitelions: post the parts that you are talking about the whole article is in the forum right?
[12:35:20] whitelions: sry dyslexia is a frustrating thing
[12:35:23] DT N AZ: bring in key paragraphs, the entire thing is not necessary
[12:38:20] OOTW: AH OK ABRAHAM, GOOD TO KNOW YOU MAY BE CALLED UPON LOL
[12:38:29] OOTW: OKAY HERE'S THE LINK INSIDE WEALTHWATCH.WORLD
[12:38:32] OOTW: wealthwatch.world/showthr...
[12:38:44] OOTW: READING BRB THANKS FOR YOUR PATIENCE
[12:39:13] Doug_W: take ur timer
[12:40:15] OOTW: OKAY I'M PULLING THIS IS BECAUSE IT SETS THE STAGE AS TO EXACTLY WHAT'S HAPPENING NOW BETWEEN THE GOI AND THE CBI
[12:40:21] OOTW: Iraqi money market live in the present state of instability was the collapse of the market rate of the dinar, which amounted to 1340 dinars to the US dollar while the official price of about 1190 dinars to the dollar, although the size of the reserve is still great, which is considered a key factor in the stability of the currency.
The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.
The problem at present is that students have to pay a conversion secretariat equivalent to a certain percentage of taxes and customs when buying the dollar and at the request of the Ministry of Finance, and this is an important factor in the rise in the dollar price.
These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash,
and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in Ttaiwiramlah bank credit, if given preference in the auction of the bank, who leads in the banking its credit.
[12:40:55] OOTW: The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.
[12:41:03] OOTW: THAT'S A REQUOTE DIRECTLY ABOVE
[12:41:23] OOTW: THERE'S TOO MUCH VARIANCE ON THE BUY/FOR SALE RATE
[12:41:37] DT N AZ: I like this part -> These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash, and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in Ttaiwiramlah bank credit, if given preference in the auction of the bank, who leads in the banking its credit.
[12:41:45] OOTW: AND THE CBI COULD NOT ADEQUATELY DEFEND ITS POLICY IN THIS REGARD TO THE GOI/COMMITEE OF FINANCE
[12:42:15] DT N AZ: waffling
[12:42:30] OOTW: YES, GREAT QUOTE TO SUPPORT YOUR POINT AND IT'S A VALID POINT DT TY
[12:43:14] OOTW: "In other words, the central bank is the one who collects these resources for the Ministry of Finance"
[12:43:21] DT N AZ: So, with what they are currently doing we may just be at the cusp of this whole thing
[12:43:47] OOTW: THE CBI FUNDS THE MINISTRY OF FINANCE'S NEEDS SO THE MINISTRY OF FINANCE CAN ALLOCATE FUNDS FOR GOVERNMENT NEEDS, PROJECTS, CONTRACTS, ETC
[12:43:59] OOTW: YES DT. BRB
[12:44:04] DT N AZ: correct
[12:44:57] OOTW: OKAY SEE THIS
[12:45:03] OOTW: VERY INTERESTING VS WHAT KEYWORDS IS SAYING
[12:45:14] OOTW: REALLY JARHEAD THIS IS BORING?
[12:45:21] OOTW: As the budget included the central bank to buy Treasury bonds and remittances to $ 6 billion and reduce the percentage of legal reserve held by banks at the Central Bank in half to provide budget resources.
The seriousness of these measures GOES to reduce the effectiveness of monetary policy in the fight against inflation. Therefore, on the fiscal and monetary authorities to assess what you get compared to inflation of resources and instability, which can be a cause for the collapse in the real rate of the dinar.
[12:45:21] DT N AZ: [img=20x20]http://file/C:/Users/Doug/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/img]
Content originally from http://ift.tt/1SvYJuY
Shabibi 4-19-2011 (Part 3 of4): https://www.youtube.com/watch?v=6jy0T9HVYFA
Comments may be made at the end of Part 2 Thank You
[12:32:58] Abraham: Look also at Guyana
[12:33:21] OOTW: YES ABRAHAM, AGREED
[12:34:10] Abraham: I know from my experience in International Business
[12:34:47] whitelions: post the parts that you are talking about the whole article is in the forum right?
[12:35:20] whitelions: sry dyslexia is a frustrating thing
[12:35:23] DT N AZ: bring in key paragraphs, the entire thing is not necessary
[12:38:20] OOTW: AH OK ABRAHAM, GOOD TO KNOW YOU MAY BE CALLED UPON LOL
[12:38:29] OOTW: OKAY HERE'S THE LINK INSIDE WEALTHWATCH.WORLD
[12:38:32] OOTW: wealthwatch.world/showthr...
[12:38:44] OOTW: READING BRB THANKS FOR YOUR PATIENCE
[12:39:13] Doug_W: take ur timer
[12:40:15] OOTW: OKAY I'M PULLING THIS IS BECAUSE IT SETS THE STAGE AS TO EXACTLY WHAT'S HAPPENING NOW BETWEEN THE GOI AND THE CBI
[12:40:21] OOTW: Iraqi money market live in the present state of instability was the collapse of the market rate of the dinar, which amounted to 1340 dinars to the US dollar while the official price of about 1190 dinars to the dollar, although the size of the reserve is still great, which is considered a key factor in the stability of the currency.
The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.
The problem at present is that students have to pay a conversion secretariat equivalent to a certain percentage of taxes and customs when buying the dollar and at the request of the Ministry of Finance, and this is an important factor in the rise in the dollar price.
These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash,
and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in Ttaiwiramlah bank credit, if given preference in the auction of the bank, who leads in the banking its credit.
[12:40:55] OOTW: The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.
[12:41:03] OOTW: THAT'S A REQUOTE DIRECTLY ABOVE
[12:41:23] OOTW: THERE'S TOO MUCH VARIANCE ON THE BUY/FOR SALE RATE
[12:41:37] DT N AZ: I like this part -> These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash, and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in Ttaiwiramlah bank credit, if given preference in the auction of the bank, who leads in the banking its credit.
[12:41:45] OOTW: AND THE CBI COULD NOT ADEQUATELY DEFEND ITS POLICY IN THIS REGARD TO THE GOI/COMMITEE OF FINANCE
[12:42:15] DT N AZ: waffling
[12:42:30] OOTW: YES, GREAT QUOTE TO SUPPORT YOUR POINT AND IT'S A VALID POINT DT TY
[12:43:14] OOTW: "In other words, the central bank is the one who collects these resources for the Ministry of Finance"
[12:43:21] DT N AZ: So, with what they are currently doing we may just be at the cusp of this whole thing
[12:43:47] OOTW: THE CBI FUNDS THE MINISTRY OF FINANCE'S NEEDS SO THE MINISTRY OF FINANCE CAN ALLOCATE FUNDS FOR GOVERNMENT NEEDS, PROJECTS, CONTRACTS, ETC
[12:43:59] OOTW: YES DT. BRB
[12:44:04] DT N AZ: correct
[12:44:57] OOTW: OKAY SEE THIS
[12:45:03] OOTW: VERY INTERESTING VS WHAT KEYWORDS IS SAYING
[12:45:14] OOTW: REALLY JARHEAD THIS IS BORING?
[12:45:21] OOTW: As the budget included the central bank to buy Treasury bonds and remittances to $ 6 billion and reduce the percentage of legal reserve held by banks at the Central Bank in half to provide budget resources.
The seriousness of these measures GOES to reduce the effectiveness of monetary policy in the fight against inflation. Therefore, on the fiscal and monetary authorities to assess what you get compared to inflation of resources and instability, which can be a cause for the collapse in the real rate of the dinar.
[12:45:21] DT N AZ: [img=20x20]http://file/C:/Users/Doug/AppData/Local/Temp/msohtmlclip1/01/clip_image002.png[/img]
Content originally from http://ift.tt/1SvYJuY
Shabibi 4-19-2011 (Part 3 of4): https://www.youtube.com/watch?v=6jy0T9HVYFA
Comments may be made at the end of Part 2 Thank You
via Dinar Recaps - Our Blog http://ift.tt/1Jb6gO4
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